Market sentiment is bearish as investors await news of November's CPI print. Analyst consensus believes it will be the biggest annual increase since November 1982. But the bull/bear divide is ever-present, with bulls hopeful December's Santa Rally will see markets rise through the end of the year and bears fear an epic crash. Meanwhile, the Wall Street Journal reports insiders are selling stock at historic levels amid soaring valuations and ahead of possible tax changes.
Securities and Exchange Commission (SEC) Chair Gary Gensler indicates tighter scrutiny of SPACs may be coming soon. Additionally, the SEC is getting set to release tighter rules for the type of derivative swaps that led to this year's implosion of Archegos Capital Management.
President Biden is being urged not to ban US crude exports for fear of rising gas prices.
Oil, gold and Bitcoin are all down. Industrial metals are mostly lower.
| NASDAQ | S&P 500 | BITCOIN |
|---|---|---|
| 15,517.37 (-1.71%) | 4,667.45 (-0.72%) | 48,277.00 (-2.20%) |
Here are some trending stocks:
Techno-king of Tesla (NASDAQ: TSLA), Elon Musk, is "thinking of" leaving his jobs to become an influencer, as per his latest tweet. Meanwhile, he continues to sell his Tesla shares for a fifth straight week. So far, he's sold around 11m shares since his conducting a Twitter poll last month. What would happen if Musk quit? Read more here.
AMC Entertainment (NYSE: AMC) CEO sells $9.65m in common shares.
Yesterday Cathie Wood's ARKK fund was buying shares in UiPath (NASDAQ: PATH), Intellia Therapeutics (NASDAQ: NTLA) and Invitae (NASDAQ: NVTA) while selling Tesla (NASDAQ: TSLA). But Tesla remains among Wood's top ten conviction plays, which also includes Roku (NASDAQ: ROKU), Teladoc Health (NYSE: TDOC), Square (NYSE: SQ), Shopify (NYSE: SHOP).
Volvo Cars (STO: VOLCAR-B) and battery maker Northvolt plan to open a joint R&D center in Sweden as part of a 30bn crown ($3.3bn) investment.
Business Royal Dutch Shell (LON: RDSB) shareholders set to approve a move to London.
Australia's Fortescue Metals Group (ASX: FMG) CEO Elizabeth Gaines is stepping down as the miner transitions into green energy.
Broadcom (NASDAQ: AVGO) shares rise on earnings beat. The company raises dividends by 13.9% and plans to 'follow through on a $10bn buyback before the end of 2022.
Hormel Foods (NYSE: HRL) CEO Jim Snee told Mad Money's Jim Cramer that Hormel has come up with successful solutions to moderate rising prices. He also said its acquisition of Planters boosted its strong growth.
Oracle (NYSE: ORCL) reveals earnings beat as strong cloud sales boost Q2 results.
Dr Reddy's Laboratories (NYSE: RDY) launches Venlafaxine ER tablets in the US. It is also seeking permission from India's drug regulator to conduct a phase-3 clinical trial of its Sputnik Light vaccine as a booster dose against COVID-19 in India.
Experts have advised the New York Times that a rise in warrant trading for Digital World Acquisition Company (NYSE: DWAC) seems irregular. The warrant trading rose from 350K on 30-Sep and 1-Oct to over 2.5m traded 4-Oct.
Intel (NASDAQ: INTC) CEO Pat Gelsinger says his plan to turn around the US semiconductor company will take at least five years. Next week, he travels to Taiwan and Malaysia to discuss how vital manufacturing in Asia is to his turnaround plans.
Lucid Group (NASDAQ: LCID) stock falls as it secures $1.75bn in capital raise via notes offering.
C3.ai (NYSE: AI), a leading Enterprise AI software company, has established a new five-year contract with the US Department of Defense (DoD).
NuBank (NYSE: NU) stock opened with a spectacular IPO debut hitting a $41.5bn valuation as it plans growth in Mexico and Colombia.
Canadian miner B2Gold Corp. (NYSEAMERICAN: BTG) gets deal with the Mali government on mine permit.
Code Chain New Continent (NASDAQ: CCNC) shares fell 30% yesterday, and it is down another 28% in pre-market trading as the vertically integrated cryptocurrency miner proposes common stock and warrants offering.
Shares in Dare Bioscience (NASDAQ: DARE) fell 10% yesterday after Wednesday's surge on FDA approval for XACIATO drug.
MP Materials (NYSE: MP) CEO James Litinsky discussed the company's partnership with General Motors (NYSE: GM) with Jim Cramer. He outlined plans to construct a magnet facility in the US that will facilitate MP Materials' transition into the magnetics business, noting the company is cash-rich.
After disliking samples, Taco Bell has canceled its Beyond Meat (NASDAQ: BYND) product trial, but reports say Taco Bell is still working with Beyond.
Equity news from Asia:
Fitch has cut Evergrande Group (HKG: 3333) to restricted default over two missed coupon payments following the expiration of a 30-day grace period.
Fitch also cut Kaisa Group Holdings (HKG: 1638) to restricted default, though the company is in talks about an NDA with bondholders that could pave the way for a potential financing deal.
Toppan (TYO: 7911) upgraded its full-year earnings per share guidance.
Hitachi (6501.JP) and JV partner Alstrom won a £2B (€2.34B/¥300.04B) contract for HS2 trains.
BHI (083650. KR) signed a KRW34.000T power plant supply contract with POSCO.
Mini vehicles produced by Mitsubishi Motors (7211.JP) and Nissan Motor (7201.JP) JV reportedly did not pass standardized vehicle collision tests.
Fosun Pharma (HKG: 2196) agreed to purchase an 87% stake in Shanghai Xingchuang Healthcare Technology held by Fosun High-Tech.
A consortium led by Alibaba Group (HKG: 9988) reportedly faces a last-minute obstacle to buying Tsinghua Unigroup as tightening auditing requirements in the US raises concerns about exposing potentially sensitive information.
In Crypto:
Binance is considering opening a cryptocurrency trading platform in Indonesia.
Analysis commissioned by BBC News estimates more than £262m ($350m) has been spent by football fans buying controversial crypto fan tokens.
At the time of writing, Ethereum (ETH), Binance Coin (BNB), Solana (SOL), XRP (XRP), and Cardano (ADA) are all down.